Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin's (BTC's) relative discount to its high hash rate in October — the largest since the first quarter of 2020 — could soon see Bitcoin return to "its propensity to outperform most assets."

In an Oct. 19 Twitter post, the Bloomberg analyst suggested that Bitcoin's ever increasing hash rate — a measure of the processing power and security of a blockchain — relative to its price points "to risk/reward leaning favorably."
Many believe that in theory Bitcoin's hash rate should go up relative to its price.

However, the price is instead currently at $19,500 as of Oct. 18.
McGlone tipped that it was possible we are now seeing a “similar price foundation forming now."
Source: Cointelegraph
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